Cybercrime costs the US economy $9.6 trillion every single year – with the FBI adding that over $10 billion was lost in cyberattacks in 2022 alone. And, for Ryan Von Haden (pictured), partner and vice president at TRICOR Insurance, cyber threats aren’t just an abstract concept – eradicating them is a way of life.
“We developed an exclusive program with one of our key carriers for cyber insurance,” he told Insurance Business. Recalling a recent case in which a client required a $100 million cyber policy, Von Haden said that TRICOR orchestrated the policy in just two days, leveraging its network of 214 insurance company contracts.
“We layered it with three different carriers,” he added, highlighting the firm’s deep industry connections. Beyond policy design, TRICOR employs a robust risk mitigation framework, including four full-time safety consultants and access to legal expertise through an attorney on retainer.
“It’s about evolving programs, using our safety team, and having legal support—focusing on true risk mitigation,” Von Haden explained.
TRICOR’s transformation from a small-town agency, with 15 employees, to a multi-state powerhouse with 37 offices and $55 million in annual revenue reflects its ability to scale while maintaining high service standards. This growth has necessitated an expansion in services to match the demands of a larger, more diverse clientele.
“We need to have these services to compete in the marketplace with large conglomerates,” Von Haden noted.
Safety consulting has become integral to TRICOR’s offering, particularly for high-risk sectors like construction, agribusiness, and manufacturing. The safety team’s work is not only about compliance but also tailored to the complex challenges of larger clients.
“It’s about the size of clients and the risks they present,” he explained.
Von Haden told IB that TRICOR’s strategy for ensuring client resilience amid shifting regulations hinges on an internal training team that keeps employees and clients updated on compliance requirements.
“We’re not just generalists,” he said “We’re experts in certain fields.”
And, with one of the safety consultants specializing in Department of Transportation (DOT) regulations, TRICOR adapts to industry-specific needs.
Von Haden sheds light on the challenges small agencies face in an increasingly tough insurance market.
“We’ve never seen a harder market,” he added, pointing to rising costs driven by construction inflation, extreme weather events, and escalating claims. These pressures disproportionately impact smaller agencies with limited carrier contracts and resources.
For small- and mid-sized business clients, TRICOR’s expansive claims department provides a much-needed safety net.
“Every claim is managed internally by a member of our claims team,” he said, ensuring hands-on support and fair pricing. This structure reflects TRICOR’s commitment to not only securing coverage but also advocating for clients throughout the claims process.
Looking ahead, Von Haden identifies cyber risks and industry consolidation as pivotal trends shaping the future. As digital threats grow more sophisticated, TRICOR’s cyber insurance programs and dual-authentication technologies will likely play a critical role in client protection.
“Helping our clients through those challenges will be very important in the years to come,” Von Haden said.
On consolidation, Von Haden predicts a shrinking number of agencies, with larger firms like TRICOR absorbing smaller competitors. Drawing from personal experience, he reflects on the difficulties small-town agencies face in sustaining operations amid mounting pressures.
“You almost can’t manage and get by anymore in a small town with a small agency,” he added, forecasting significant consolidation in the next decade.
